The Benefits of Purchasing Residential Property in Greece
Greece has long been known for its unique history, stunning landscapes, and vibrant culture. In recent years, it has also gained recognition as an attractive destination for real estate investment, particularly in the residential property market. There are many benefits related to buying residential property in the prime location of Greece.
One of the key advantages of buying residential property in Greece is the country’s thriving tourism industry, which offers the opportunity to generate a considerable income by renting the property out. Greece is also an ideal retirement destination considering the low living costs compared to the UK and the high-end medical facilities available in the cities. There is a growing community of expats in Greece.
Greece offers a Golden Visa programme, which is an attractive immigration scheme for non-European Union citizens. By purchasing residential property with a relatively low value starting point of €250,000 (or €500,000 in certain areas), investors and their immediate family members can obtain a renewable five-year residency permit, granting them access to Greece and the Schengen Area. This programme is a valuable long-term benefit for those planning to relocate to Greece by investing in Greek real estate.
Compared to other EU countries, Greece offers competitive property prices, particularly in its rural and coastal regions. This affordability makes it an appealing destination for investors looking for high-value properties at a fraction of the cost of similar properties in Western Europe.
Demetri Bezaintes, an associate dually qualified in Greece and England and Wales, comments “Greece offers a Golden Visa programme, which is an attractive immigration scheme for non-European Union citizens. By purchasing residential property with a relatively low starting point of €250,000 or more, investors and their immediate family members can obtain a renewable five-year residency permit, granting them access to Greece and the Schengen Area. This programme is a valuable long-term benefit for those planning to relocate to Greece by investing in Greek real estate.” Demetri further points out “Greece is a major tourist destination, attracting millions of visitors every year. This robust tourism industry presents an excellent opportunity for property investors who wish to rent out their properties to tourists as a business venture. Investors can generate significant rental income, especially during the peak tourist season. Greece's tourist-friendly policies and growing tourism industry make it an attractive option to capitalize on this market.”
Giambrone & Partners’ English-speaking residential real estate lawyers will be by your side during the entire purchase process and will guide you and help avoid any unexpected issues. Our lawyers and client services team will be exhibiting at the Place in the Sun exhibition in Birmingham where they will be able to answer all your queries regarding buying a house in Greece. If you would like to attend, please click here.
Greece boasts a wide range of scenic locations for residential property investments. From the picturesque islands of Santorini and Mykonos to the bustling city of Athens and the historic sites of Crete, investors have a plethora of options to choose from. Greece's diverse landscapes and charming villages offer various investment opportunities, catering to different preferences and budgets.
Greece is a major tourist destination, attracting millions of visitors every year. This robust tourism industry presents an excellent opportunity for property investors. By renting out their properties to tourists, investors can generate significant rental income, especially during the peak tourist season. Greece's tourist-friendly policies and expanding tourism industry make it an attractive option for property owners seeking to capitalise on the tourist market.
Greece has experienced positive economic growth, making it a more stable and secure investment option than in some parts of Europe. As the country continues to recover from economic challenges, investors can expect property values to appreciate over time. This potential for capital appreciation adds to the overall appeal of investing in Greek residential real estate.
There is a compelling case seeking a profitable and enjoyable real estate investment in Greece. It is essential, however, to consult with legal and financial experts familiar with Greek property laws and regulations to ensure a smooth and successful transaction with no unexpected repercussions.